Forget AI, clean energy and healthcare, there is a new hot tip for investors looking for big returns: the historically downmarket, beer-soaked world of darts.

The sport is riding the crest of a wave generated by better promotion, wider consumption and, more recently, the rise and rise of teenage phenomenon Luke Littler. 

Ticket demand is rocketing, millions watched Littler win the PDC World Championship in January, and the global darts market is pushing towards $1bn by the end of the decade. 

It’s numbers like those which have prompted international investment bank Houlihan Lokey to recommend buying into darts in its latest report on market trends. 

“Darts has rapidly transformed into a high-growth space within the global sporting landscape, driven by its broad accessibility, compelling viewing experience, and expanding demographic reach,” Guido Viggiani, a vice president in the bank’s consumer group, told City AM. 

“Following the pandemic, the sport has experienced a significant uptick in both participation and media consumption, with a 30 per cent compound annual growth rate in viewership from 2017 to 2024. Specifically, the PDC has seen impressive viewer engagement, with the 2024 World Darts Championship final attracting 4.8m viewers globally. 

“Darts’ audience has broadened considerably in recent years, becoming younger and more diverse, with around 50 per cent estimated to be women. Venues like Flight Club, which offer a more social and interactive experience, have further fuelled its appeal among younger fans. 

“The meteoric rise of Luke Littler, amplified by his significant social media presence, has accelerated this growth — a phenomenon often referred to as the ‘Luke Littler effect’.

“With robust growth projections and rising investor interest, darts, particularly through the PDC, is well-positioned for continued expansion, presenting a compelling opportunity for stakeholders and investors across the sports and entertainment sectors.”

Darts primed for US growth

Houlihan Lokey, which advised private equity firm Inflexion on an investment in darts equipment maker Winmau’s parent company, also spotlights padel and pickleball in its report.

But Viggiani says the “simplicity and mass appeal” of darts makes the sport perfect for TV and thus attracting marketing and investment spend.